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SOUTH African consumers have been warned to brace for even higher prices this year as global supply chain backlogs are showing no signs of easing and are likely to worsen for the rest of 2022. This comes as the Food and Agri- culture Organisation (FAO) on Friday said that world food prices jumped 12.6 percent in March to a new record high, largely driven by conflict-related export disruptions from the Russia-Ukraine war. The UN agency’s food price index, which tracks the most globally traded food commodities, averaged 159.3 points in March, compared to an upwardly revised 141.4 points in February. The war between Russia and Ukraine – two major exporters of wheat, maize, barley and sunflower oil via the Black Sea – caused turmoil in the food…
BUSINESS confidence in South Africa fell slightly in March due to Russia’s invasion of Ukraine, even though the country showed signs of continuing on its recovery path following the July 2021 civil unrest and supply-chain disruptions. The South African Chamber of Commerce and Industry (Sacci) on Friday said that the Business Confidence Index (BCI) fell by 1.3 index points in March to reach 95.6 points, from a nine-month high of 96.9 in February, amid the uncertainty caused by the Russia-Ukraine war. However, Sacci said the general trend in business confidence during the first few months of 2022 remained positive. Sacci said the positive reaction to the relaxation of some of the lockdown regulations contributed to the improvement of the business climate. The chamber said a higher volume of merchandise…
MINISTER of Communications and Digital Technologies Khumbudzo Ntshavheni on Friday welcomed Telkom’s out-of-court settlement with the country’s communications regulator, saying this brought South Africa a step closer to the availability of spectrum licences by July 1. “The release of spectrum to the industry will help our country to bridge the digital divide necessary to catapult socio-economic development of our beloved country for the benefit of all the people of South Africa,” Ntshavheni said. This as South African mobile operators have been waiting for more than a decade for the Independent Communications Authority of South Africa (Icasa) to release new spectrum licences, which will lower data costs, expand network capacity and the roll-out of 5G. Last month Icasa announced that it had raised R14.4 billion from the high-demand…
SIMPLIFYING its share model will unlock opportunities for JSE-listed Dipula Income Fund, its chief executive Izak Petersen said on Friday. This follows an announcement the real estate investment trust (Reit) company made on Thursday that its shareholders had approved it simplifying its dual share model into a single class of ordinary shares. Dipula said all resolutions required to be passed by its shareholders to approve the scheme were met by the requisite majority of shareholders. Dipula’s current capital structure comprises listed DIA shares and DIB shares. DIA shares have preferential entitlements to dividends, if declared, which grow annually by the lower consumer price index and 5 percent. DIB shares were the “ordinary” equity of Dipula, receiving any residual dividend after settlement of the DIA shares’ preferential dividend entitlement, Dipula…
THE SOUTH Africa-China Economy and Trade Association (Saceta) will hold a Job Fair at the Gallagher Conference Centre in Midrand, Johannesburg, on Thursday. Saceta said it expected about 100 Chinese enterprises to offer 1 000 jobs to local applicants as they gear up to expand their South African workforce by a further 20 000 in the next three years. Chinese Ambassador Chen Xiaodong, together with senior officials from relevant South African government departments and representatives from Chinese-invested enterprises in South Africa, will be at the event. The China-South Africa comprehensive strategic co-operation has grown steadily in recent years. The bilateral economic and commercial co-operation is now moving into the “fast lane” under the personal leadership of China President Xi Jinping and President Cyril Ramaphosa as they meet annually at…
ANALYSTS polled on the weekend backed JSE-listed Balwin Properties move to purchase an upmarket property in Melrose Arch, Johannesburg, with a price tag of R125 million for its new head office, in the wake of a social media backlash last week. In a Sens statement last week, Balwin said there would be no initial constraint on its cash flow, and Investec Bank had approved the loan. “The property is situated within the upmarket area of Melrose Arch, which is a rapidly-developing commercial and residential node ... is highly visible from the M1 highway, and is perfectly situated to capitalise on the advertising opportunities,” it said. Among reasons for the purchase, it said ownership of the property would give it better control over its operating expenses. Balwin said it…
